Investor Presentation September 2019

Disclaimer

Forward-Looking Statements

This presentation contains forward-looking statements that are subject to risks and uncertainties. We intend such forward-looking statements to be covered by the safe harbor provisions

for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements

other than statements of historical fact or relating to present facts or current conditions included in this presentation are forward-looking statements. Forward-looking statements are

based largely on our current expectations and projections relating to future events and financial trends that we believe may affect our financial condition, results of operations, plans,

objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may

include words such as “anticipate,” “estimate,” “expect,” “predict,” “project,” “seek,” “plan,” “intend,” “believe,” “will,” “may,” “could,” “continue,” “likely,” “should,” and other words and terms

of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain

these identifying words. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements

to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

The forward-looking statements contained in this presentation are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends,

current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. As you consider this presentation, you should understand

that these statements are not guarantees of performance or results. These assumptions and our future performance or results involve risks and uncertainties (many of which are beyond

our control).

These risks and uncertainties include but are not limited to: uncertainties in the financial markets, consumer and small business spending patterns and levels; our dependence on having

a large and loyal membership; domestic and international economic conditions, including exchange rates; our ability to procure the merchandise we sell at the best possible prices; the

effects of competition and regulation; our dependence on vendors to supply us with quality merchandise at the right time and at the right price; breaches of security or privacy of member

or business information; conditions affecting acquisitions and development; our ability to attract and retain a qualified management team and other team members; costs associated with

employees (generally including health care costs), energy and certain commodities; geopolitical conditions (including tariffs); disruptions in merchandise distribution; our ability to identify

and respond effectively to consumer trends; the effects of payment related risks, including risks to the security of payment card information; changes in laws related to, or the

governmental administration of the Supplemental Nutrition Assistance Program or its electronic benefit transfer systems; union attempts to organize our team members; failure or

disruption of our primary and back-up information technology systems; our ability to attract and retain a qualified management team and other team members; fluctuation of our

comparable club sales and quarterly operating results; changes in our product mix or in our revenues from gasoline sales; the effects of product recalls; our failure to successfully

maintain a relevant omnichannel experience for our members; risks related to our growth strategy to open new clubs; risks related to our e-commerce business; and other important

factors discussed under the captions “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K

filed with the U.S. Securities and Exchange Commission (“SEC”) on March 25, 2019, as such factors may be updated from time to time in our other filings with the SEC, which are

accessible on the SEC’s website at www.sec.gov.

Additional factors or events that could cause our actual performance to differ from these forward-looking statements may emerge from time to time, and it is not possible for us to predict

all of them. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual financial condition, results of operations, future

performance and business may vary in material respects from the performance projected in these forward-looking statements.

Any forward-looking statement made by us in this presentation speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking

statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Disclaimer

Industry Information

Market data and industry information used throughout this presentation are based on management’s knowledge of the industry and the good faith estimates of management. We also

relied, to the extent available, upon management’s review of independent industry surveys and publications and other publicly available information prepared by a number of third party

sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to

such estimates. Although we believe that these sources are reliable, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this

information. While we believe the estimated market position, market opportunity and market size information included in this presentation are generally reliable, such information, which

is derived in part from management’s estimates and beliefs, is inherently uncertain and imprecise. Projections, assumptions and estimates of our future performance and the future

performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and

other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties.

Non-GAAP Financial Measures

We present adjusted EBITDA, free cash flow, and adjusted EBITDA margin to help us describe our operating performance. Our presentation of these measures is intended as a

supplemental measure of our performance that is not required by, or presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA, free cash

flow, and adjusted EBITDA margin should not be considered as an alternative to operating income (loss), net income (loss), earnings per share or any other performance measures

derived in accordance with U.S. GAAP as measures of operating performance or operating cash flows or as measures of liquidity. Our presentation of adjusted EBITDA, free cash flow,

and adjusted EBITDA margin should not be construed to imply that our future results will be unaffected by these items. A reconcil iation of these non-GAAP financial measures to the

most comparable GAAP financial measures are included in the Appendix to this presentation.

Agenda

Investment HighlightsII

Financial HighlightsIV

I Introduction

Growth StrategiesIII

Q&AV

2

IntroductionSection

I

BJ’s Wholesale Club at a Glance

5.5 million Memberships

87%Membership

Renewal Rates

$578 millionFY18 Adj. EBITDA

~10xAnnual Savings on

Membership Fee217 ClubsAcross 16 States

~50%EBITDA from Membership

Fee Income

$13.0 billionFY18 Total Revenue

3

Data is based on FY18 results, except for number of clubs, which is as of June 2019

Real Estate

✓ Leading positions in core Eastern U.S.

markets

✓ ~3x clubs vs. next largest competitor1

Before We Look Ahead, Let’s Take a Look Back

BJ’s core has substantial advantages: New team first focused on addressing:

Value

✓ Prices in line with club competitors

✓ 25% lower prices than grocery

Fresh

✓ Large selection of fresh food and

perishables

✓ General merchandise treasure hunt

Membership

✓ Large, loyal and growing membership base

✓ Access to comprehensive member data

Low profit margins compared

to peers

Underinvestment in people,

marketing and membership

Inadequate systems and

capabilities to support growth

Pockets of unprofitable sales

1Refers to core New England markets: CT, MA, ME, NY, NH, RI, VT, and DE, as of January 2019.

4

We Started by Improving Discipline and Investing in Durability and Growth

Fuel for growth Strategic growth investments

Re-Created

Procurement

Process

Eliminated

Unprofitable Sales

+$300mm1

Savings from Category

Profitability Improvement

“CPI”

BJ’s Café

DVD’s

Wholesale tobacco

Jewelry

Invested $280mm2

in Systems

Re-invested

Savings in Growth

Initiatives

✓ People & culture

✓ Increased marketing

✓ Digitalization

✓ Life Time Value (“LTV”)

approach to membership

Executed a repositioning that benefits members, employees and investors

SG&A Discipline

✓ Optimize club labor

✓ Control indirect / home

office cost

✓ Reduce margin leaks

Omni-channel

Capabilities

~8,000 ratings

1Represents procurement savings during FY16 – Q4FY18.2Represents investments since 2011 through 2018.

5

84%

85%

86%

87%

FY15 FY16 FY17 FY18

Performance Continues to Improve On All Dimensions

Note: Financials as of BJ’s fiscal year ending on the Saturday closest to the last day of

January of the following calendar year. FY17 consisted of 53 weeks.1Excludes impact of gasoline.2Adj. EBITDA margin calculated as adj. EBITDA as a percentage of Net Sales. Net

Sales defined as (Total Revenue – Membership Fee Income).

3Free cash flow defined as net cash from operating activities less capital expenditures.4Includes adjustment of impact of compensatory dividend

Accelerating comp growth1 Increasing renewal rates

Strong free cash flow3 ($mm)Adj. EBITDA2 ($mm)

~$170mm increase in Adjusted EBITDA

~120 bps increase in Adjusted EBITDA margin

$406

$457

$534

$578

3.3%

3.8%

4.3%4.5%

FY15 FY16 FY17 FY18

Acquire and Retain

Members

Expand Our Strategic

Footprint

Make Everything More

Convenient

Deliver Value to Get

Them Shopping

BJ’s growth initiatives

6

1.2%2.0% 2.0% 1.9% 2.9%

Q4'17 Q1'18 Q2'18 Q3'18 Q4'18

Comp% 2Yr Stacked Comp%

Cumulative free cash flow

Excludes compensatory payments

and management fees4

$ 47

$ 230 $ 302

$ 583

$ 53

$ 244

$ 366

$650

FY15 FY16 FY17 FY18

Section

IIInvestment Highlights

Investment Highlights

Differentiated Shopping Experience II

Large and Loyal Membership Base III

Well-Positioned and Highly Profitable Club BaseIV

I Favorable Warehouse Club Industry Dynamics

Attractive Business Model with Strong Profitability and Free Cash FlowV

New Generation Leadership TeamVI

7

Value to Consumers Driving Warehouse Club Channel Growth

$108 $113 $113

$121

$132

$141 $148

$153 $154 $157

$167

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

U.S. Warehouse Club market size The club business model

Source: Warehouse Club Intelligence Center – 2017 Warehouse Club Guide, U.S. Census data.

I II III IV V

Industry &

Model

Membership Fee Subscription Model

Comprehensive Customer Data

Treasure Hunt

Favorable Demographic Trends

Clear Value in Transparent Pricing Environment

vs. Other Channels

($ in billions)

8

BJ’s Has Significant Price Advantages Against Its Competitors

✓ Wider selection of SKUs, especially in

fresh

✓ Smaller pack sizes

✓ Accepts manufacturer coupons

✓ Smaller club format in convenient

locations

✓ Drives “treasure hunt” experience with

general merchandise

✓ Ancillary services and fuel

✓ Market leading fuel offering

✓ “Treasure hunt” experience

✓ Truly “omni” offering with BOPIC and

Instacart same day delivery

vs. Other club vs. Grocery

vs. Online groceryvs. Mass

✓ Bulk-sized SKUs offering

✓ Better fuel proposition

✓ Curated assortment

~25%Lower price

Lower priceSignificantly

lower price

Price in line

I II III IV V

Shopping

Experience

9

BJ’s Value Proposition Flywheel

✓ Price in line with club competitors

✓ ~10x return on annual membership fee

✓ Compelling credit card rewards

✓ Fuel & ancillary services (tires, optical, etc.)

5.5 million

memberships

Constantly reinvest

into membership value

✓ 87% membership renewal rates

✓ Membership fee driving spend

consolidation

✓ Provides comprehensive data on

members and IT systems to harvest it

✓ Limited SKUs support pallet

presentation, driving scale and

inventory turns

✓ Requires less labor in club

✓ Efficient distribution

✓ Low per square foot build-out costs

Earn loyalty,

stability and data

Operate efficiently

I II III IV V

Shopping

Experience

10

Data is based on FY18 results

22

Emphasis on Fresh Drives Higher Trip Frequency

# of SKUs

Fresh SKUs

Other SKUs

Avg. annual trips per member

Wide selection of SKUs, especially in fresh Drives trips

6,250

950

4,500

7,200

Other warehouse club average

Fresh deli

2 lbs.

5 lbs. 6 ct.

4 ct.

Convenient pack size

I II III IV V

Shopping

Experience

11

$293

$56

$66

$79

$90

$106

$118 $124

$139

$150 $159

$173 $175 $180

$191

$210

$229

$242 $243 $247

$255 $259

$283

FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Q2'19LTM

Consistent and Predictable Membership Fee Income Growth

Membership Fee Income

($ in millions)

Membership fee

increase

Store

count

Membership fee

increase

Membership fee

increase

Membership fee increase

(Jan. 2018)

I II III IV V

Membership

Base

12

84 96 107 118 130 140 150 157 165 172 177 180 187 189 195 198 201 207 213 214 215 216 217

While We Target “Smart Saving Families” We Also Appeal to a Wide Range of Customers

Different customer vs. other club competitors

✓ More affluent customer demographic or

focus on small businesses

✓ Products: prime steaks, jewelry,

premium alcohol

✓ Bulk purchases for small businesses

✓ Average household income: ~$75,000

✓ Dual income families

✓ Fresh food

✓ Target weekly grocery trip

Other club

competitors

I II III IV V

Membership

Base

13

$ 55

Membership fee Annual savings

How do people save at BJ’s?

We Provide Compelling Value to Our Customers and a Meaningful Return on Their Membership Fee

~10x return on

investment

Illustrative member savings

Lower grocery prices

High quality meat, produce and deli

General merchandise treasure hunt

Extensive private label

Low-priced fuel

Attractive credit card rewards

Illustrative pricing examples

~25% lower price than grocery

~32% savings2

$4.47 / lb.

Grocery: $6.66 / lb.

16 pack

~27% savings2

$0.77 / ct.

Grocery: $1.06 / ct.

$0.213 / gallon cheaper

vs. average competitor

1Based on GasBuddy 2016 100 U.S. Best Value Brands price survey.3Savings calculated as of August 2019. 3Includes additional $0.10 savings per gallon when purchased using my BJ’s Perks® credit cards.

Top 10 Value Brands1

I II III IV V

Membership

Base

14

Club base overview

Core New England markets1

1Our core New England markets include CT, MA, ME, NY, NH, RI, VT, and DE as of January 2019

Leading Real Estate Footprint and Market Share in Our Core Markets

~3x vs. next largest

club operator

19

34

98

98% of clubs profitable

Store count

I II III IV V

Real Estate

15

HeadquartersDistribution Center

BJ’s Location

Rocky Hill, CT

(Perishable distribution center)

Burlington, NJ

(Distribution center)

Orlando, FL

(Perishable distribution center)

Uxbridge, MA

(Distribution center)

Elkton, MD

(Perishable distribution center)

Jacksonville, FL

(Distribution center)

Lean Cost Structure and Membership Fee Income Drives Stable Profitability

~50%

Membership

fee income

~50%

Merchandise

sales

Adjusted EBITDA1

1Based on FY18 results. Adjusted for comparability. SG&A inclusive of depreciation & amortization, rent expense and pre-opening expenses. BJ’s figure excludes compensatory

payments related to options and management fees.

SG&A as % of COGS1

Structural advantages vs. Grocery and Mass

Non-union labor and less labor required to operate

Limited SKUs

Pallet presentation

Fast turn inventory and efficient distribution

I II III IV V

Profitability

16

19%

25%

31% 32%34%

Section

III Growth Strategies

Growth Strategies

Acquire and Retain MembersI

Deliver Value to Get Them ShoppingII

Make Everything More ConvenientIII

Expand Our Strategic FootprintIV

17

New member prospecting

Higher tier penetration

Grow Easy Renewal

Membership desk

execution

We Are Pursuing Opportunities to Grow Membership Base at Every Stage of the Member Lifecycle

“Always on”

personalized

acquisition

Improve people,

process and tech

to drive

conversion

Upgrade membership

to higher tiers

Auto enroll

Switch from opt-in

to opt-out

I II III IV

Acquire & Retain

Members

Driving Comparable Club Sales by Growing Membership Base

18

Avg. Costper

Acquisition

InnerCircle

BJ's PerksPlus

BJ's PerksRewards

BJ's PerksElite

Proactive Approach to Acquire Members

I II III IV

Acquire & Retain

Members

LTV approach to member acquisition

Spend more to acquire new members Membership desk execution

$110 $110 $55Annual fee

Facebook and

social media

Data-driven targeting

Direct mail

flyers

Move best people to membership desk

Additional labor training

Refocus on higher-tier membership

Emphasize value proposition to

customers

Member life time value vs. acquisition cost

$55

® ® ® ®

19

27%

37%

Q2-19 FY18

1Represents the renewal rates for members with two or more years of tenure as of FY18. 2Represents penetration of BJ’s Perks Plus®, BJ’s Perks Rewards® and BJ’s Perks Elite® membership programs. 3Represents Executive membership as percentage of paid members per Costco’s FY18 10K.

Inner Circle® BJ’s Perks

Rewards®

BJ’s Perks Elite®

(credit card)BJ’s Perks Plus®

(credit card)

Value-Added Membership Provides Better Retention and Additional Income for Membership Value Investment

Value-added membershipBase

I II III IV

Acquire & Retain

Members

Value-added membership programs

gaining momentum

Earn-back rates on

spend @ BJ’s--

3%

At point-of-sale

2%

At point-of-sale

5%

At point-of-sale

Savings on BJ’s

gas-- 10¢ / gallon -- 10¢ / gallon

Renewal rates1

Company

average of 87%

3

Value-added membership penetration

2

~5xCo-branded Mastercard

holders growth 2014 – Q2-19

20

I II III IV

Get Them

Shopping

Enabler:

Multiple Systems

Enabler:

SAP

Enabler:

SAP Promo. Mgmt. System

Enabler:

Revionics

Our Investments Have Made Our Company More Durable

Promotions

Assortment

Consumer Experience

Pricing

Comprehensive Customer Data

21

Examples to Drive Trips and Basket

Personalized digital promotionsFlexible assortment to

drive treasure huntPrivate label offerings – quality at

a better value

Facebook

Cloud-based marketing engine

Off-price, seasonal and branded apparel

Able to chase new opportunities

Add-to-Card coupons Potential new categories over time

✓ Prepared foods

✓ Pharmacy

✓ DIY / tools

✓ Outdoor /

sporting

I II III IV

Get Them

Shopping

10%

20%

FY12 FY18

Private label penetration

✓ ~94% members bought a private label item

in FY18

✓ Grow SKUs, engage customer and

enhance clear packaging

+1000 bps

22

Bring our products to customers Showcase fresh and curated offerings

Convenience Showroom eCommerce

Engage customers with our products

Integrate online / offline experience Bring the treasure hunt online

Three Pillars of Omni-Channel Strategy to Drive Comps

(Same day delivery)

I II III IV

Make it

More Convenient

23

We Are Investing to Make the Shopping Experience Easier

I II III IV

Make it

More Convenient

24

MOBILE APP

+2M

DOWNLOADS1

ADD-TO-CARD

+249M COUPONS

CLIPPED1

EXPRESS PAY

SCAN BAR CODES

WITH OUR APP

SAME DAY

DELIVERY

OFFERED AT

ALL CLUBS

BUY ONLINE

PICKUP IN CLUB

SHOP BJS.COM,

PICK UP IN 2 HOURS

1Represents data as of Q2 FY19.

BJ's has reinvented its club opening model

Ind

ex

ed

me

mb

ers

at

op

en

ing

Ind

ex

ed

ye

ar

1 r

eve

nu

e

New clubs are posting compelling results

✓ Improved club targeting analytics

✓ Increased pre-opening marketing to build awareness

✓ Targeted current and lapsed members to reengage

✓ Improved club layout and assortment

✓ Leveraged smaller club format in urban areas

Kearny, NJ and Summerville, SC

(Aug. 2016 & June 2017)

BJ’s New Club Opening Process Has Yielded Much Better Performance

FY15 new club

cohort average

~3x

Actual opening Actual opening

~2x

Median year 1 revenue Year 1 revenue

217

310+

Current Current + whitespaceopportunity

Significant whitespace within distribution network

I II III IV

Expand

Footprint

25

New club illustrative target numbers

$35 - $40

Year 1 target Maturity target FY18Chain average

Revenue ramp up target

15-20 Club Openings Over the Next 5 Years

~$50mmIn mature sales

$1mm In working capital 1

($ in millions)

~$58

1 Represents $4mm in inventory net of $3mm in payables.

$4mm Build-out cost

I II III IV

~$50

Expand

Footprint

26

Section

IV Financial Performance

Key Metrics are Growing Again

Note: Financials as of BJ’s fiscal year ending on the Saturday closest to the last day of January of the following calendar year. FY17 consisted of 53 weeks.1 Defined as Adjusted EBITDA as % of Net Sales. Net Sales defined as (Total Revenue – Membership Fee Income).

Total revenues Adjusted EBITDA

$242 $243 $247 $255 $259 $283 $293

$412 $414 $406

$457

$534

$578 $591

FY13 FY14 FY15 FY16 FY17 FY18 LTMQ2FY19Membership fee income

($ in millions)

Adjusted

EBITDA

Margin13.3% 3.3% 4.5%

$12.6$12.7

$12.5 $12.4

$12.8$13.0 $13.1

FY13 FY14 FY15 FY16 FY17 FY18 LTMQ2FY19

Clubs 201 213 216

Renewal

rates83% 84% 87%

($ in billions)

27

We Built a Strong Foundation for Continued Comps Expansion

Took full advantage of being private to reset revenue basisFactors affecting historical

comparable club sales

✓ Exited certain low-margin categories

✓ Replaced BJ’s Café with more profitable

Dunkin’ Donuts franchises

✓ Higher private label penetration impacted

sales, despite favorable economics

✓ Challenges in fresh business

✓ Food deflation

✓ Electronic benefit transfer benefit cuts by

the federal government

Comparable club sales excluding gasoline

Annual Quarterly

(1.0%)

(0.3%)(0.5%)

(2.3%)

(0.9%)

2.2%

0.5%

(1.7%)

(3.9%)(3.6%)

(4.5%)

(0.9%)

0.4%

1.2%

2.0% 2.0% 1.9%

2.9%

1.9% 1.6%

28

We Continue to Make Progress Across Our Divisions

29

1Excludes impact of gasoline.

FY17 FY18 FY19

Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2

Company Comp Sales (4.5%) (0.9%) 0.4% 1.2% (0.9%) 2.0% 2.0% 1.9% 2.9% 2.2% 1.9% 1.6%

Comp Sales by Division

Edible grocery (5%) (3%) (2%) 1% (2%) 2% 2% 1% 3% 2% 1% 1%

Perishables (6%) (3%) 1% 2% (2%) 3% 1% 0% 2% 1% (1%) 0%

Non-edible grocery (4%) 1% 1% 2% 0% 3% 1% 3% 2% 2% 1% 0%

General merchandise 0% 7% 3% (2%) 1% (2%) 4% 5% 5% 3% 9% 6%

Two-Year Comp Sales Stack FY18 FY19

Q1 Q2 Q3 Q4 FY Q1 Q2

Edible grocery (3%) (1%) (1%) 4% 0% 3% 3%

Perishables (4%) (1%) 1% 4% (1%) 2% 1%

Non-edible grocery 0% 2% 4% 4% 2% 4% 1%

General merchandise (2%) 10% 8% 3% 4% 7% 10%

Total Two-Year Stack (2.5%) 1.1% 2.3% 4.1% 1.3% 3.9% 3.6%

Appendix

GAAP to Non-GAAP Reconciliations

30

Annual LTM

($ in millions) FY13 FY14 FY15 FY16 FY17 FY18 Q2FY19

Income (loss) from continuing operations ($10) $19 $25 $45 $52 $127 $209

Interest expense, net $168 $154 $150 $143 $197 $165 $114

Provision (benefit) for income taxes ($10) $10 $12 $28 ($28) $12 $47

Depreciation and amortization $197 $187 $177 $178 $164 $162 $157

Compensatory payments related to options $34 $2 $1 $6 $78 $0 $0

Stock-based compensation expense $0 $2 $2 $12 $9 $59 $14

Preopening expenses $7 $12 $6 $3 $3 $6 $9

Management fees $8 $8 $8 $8 $8 $3 $0

Noncash rent $12 $11 $9 $7 $5 $5 $6

Strategic consulting $0 $0 $15 $26 $30 $33 $32

Severance $2 $4 $7 $2 $9 $1 $0

Asset retirement obligations $0 $0 ($7) $0 $0 $0 $0

Offering Costs $0 $0 $0 $0 $0 $4 $5

Other adjustments $2 $3 ($1) ($2) $6 $1 ($2)

Adjusted EBITDA 412$ 414$ 406$ 457$ 534$ 578$ 591$

Net Sales $12,342 $12,488 $12,220 $12,095 $12,496 $12,724 $12,835

Adjusted EBITDA margin 3.3% 3.3% 3.3% 3.8% 4.3% 4.5% 4.6%

GAAP to Non-GAAP Reconciliations

(Amounts in thousands)

(Unaudited)

FY15 FY16 FY17 FY18

Net cash from operating activities $ 159,361 $ 297,428 $ 210,085 $ 427,103

Less: Capital expenditures 112,363 114,756 137,466 145,913

Free cash flow $ 46,998 $ 182,672 $ 72,619 $ 281,190

Free Cash Flow

32